In-depth country-focused analysis on Macedonia's economic, political and operational risk environment, complemented by detailed sector insight


Our comprehensive assessment of Macedonia's operating environment and the outlook for its leading sectors are formed by bringing together a wealth of data on global markets that affect Macedonia, as well as the latest industry developments that could impact Macedonia's industries. This unique integrated approach has given us an impeccable track-record for predicting important shifts in the markets, ensuring you’re aware of the latest market opportunities and risks in Macedonia before your competitors.

Country Risk

Macedonia Country Risk

BMI View:

Core Views

  • A deal to hold early elections by April 2016 signals a broader commitment among political leaders to resolve a year-long legislative deadlock and keep the country on course for continued EU integration.

  • Strong demand from the eurozone and improving domestic conditions will see business investment and consumer spending rise in Macedonia, driving economic growth higher.

  • Policy continuity and a robust economic growth outlook will ensure a stable fiscal position for Macedonia over the coming years.

Major Forecast Changes

  • We have revised up our real GDP growth forecasts for Macedonia. We forecast economic growth to climb to 3.8% in 2015, up from our previous forecast of 3.4%, and slow to 3.5% in 2016, which is an upward revision from our...

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Macedonia Industry Coverage (1)


Macedonia Telecommunications

BMI View:

BMI View : Macedonia's small size and saturated nature offer few growth prospects for new entrants and established players alike. This view is underscored by an acceleration in the consolidation process in 2014 and which will reach new heights in 2015 if the merger of VIP and ONE is permitted. We have divided opinions on this development: although consumer choice is diminished, it would create a stronger player capable of challenging the incumbent on pricing and service innovation. The cable TV sector would benefit from more consolidation, too. In short, though, the greatest returns on investment will be enjoyed only by largest and most established players. Newcomers would be advised to look to the services and content fields for investment opportunities.


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